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Contractholder Funds | 12 Months Ended
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Dec. 31, 2024
Contractholder Funds |
Contractholder Funds | 9. Contractholder Funds Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts. The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 |  | December 31, 2023 |
​ | ​ | (in millions) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Workplace savings and retirement solutions | ​ | $ | 13,982.8 | ​ | $ | 12,721.5 | ​
Individual variable annuities | ​ | ​ | 1,746.0 | ​ | ​ | 514.2 | ​
Individual fixed deferred annuities | ​ | ​ | 4,462.3 | ​ | ​ | 5,538.3 | ​
Total Retirement and Income Solutions | ​ | ​ | 20,191.1 | ​ | ​ | 18,774.0 | ​
Benefits and Protection – Life Insurance: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Universal life | ​ | ​ | 6,930.4 | ​ | ​ | 6,910.4 | ​
Corporate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Inter-segment eliminations | ​ | ​ | (361.2) | ​ | ​ | (362.2) | ​
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue | ​ | ​ | 26,760.3 | ​ | ​ | 25,322.2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciling items: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment contracts without significant fee revenue (1) | ​ | ​ | 15,805.8 | ​ | ​ | 15,784.5 | ​
Embedded derivatives and other balances (2) | ​ | ​ | 533.5 | ​ | ​ | 394.4 | ​
Total contractholder funds per consolidated statements of financial position | ​ | $ | 43,099.6 | ​ | $ | 41,501.1 | ​
(1) | Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.
(2) | Includes insignificant balances for long-duration contracts, embedded derivative (assets) liabilities, including associated host contract (asset) liability adjustments, and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below. Refer to Note 18, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives.
GICs and Funding Agreements Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts. Funding agreements include those issued directly to nonqualified institutional investors and those issued to the FHLB Des Moines under their membership funding programs. As of December 31, 2024 and 2023, $3,976.5 million and $3,981.8 million, respectively, of liabilities were outstanding with respect to issuances under the program with FHLB Des Moines. In addition, we have five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws. Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2024 and 2023, $75.8 million and $75.9 million, respectively, of liabilities were outstanding with respect to the issuance outstanding under this program. In addition, Principal Life was authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2024 and 2023, $202.0 million and $201.9 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below. Additionally, Principal Life was authorized to issue up to $5.0 billion of funding agreements under a program that was originally established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. In June 2015, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2017, this program was amended to authorize issuance of up to an additional $4.0 billion. In February 2021, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2023, this program was amended to authorize issuance of up to an additional $4.0 billion. As of December 31, 2024 and 2023, $8,335.8 million and $8,072.6 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life’s payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the United States Securities and Exchange Commission (“SEC”). Policyholder Account Balances Retirement and Income Solutions The changes in policyholder account balances were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2024 | ​ | For the year ended December 31, 2023 |
​ | ​ | Workplace | ​ | Workplace | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | savings and | ​ | Individual | ​ | Individual | ​ | savings and | ​ | Individual | ​ | Individual |
​ | ​ | retirement | ​ | variable | ​ | fixed deferred | ​ | retirement | ​ | variable | ​ | fixed deferred |
​ |  | solutions |  | annuities |  | annuities (1) |  | solutions |  | annuities |  | annuities (1) |
​ | ​ | ($ in millions) |
Balance at beginning of period | ​ | $ | 12,721.5 | ​ | $ | 514.2 | ​ | $ | 5,538.3 | ​ | $ | 12,154.7 | ​ | $ | 381.4 | ​ | $ | 7,228.3 | ​
Premiums and deposits | ​ |  | 4,945.1 | ​ |  | 1,686.5 | ​ |  | 43.2 | ​ |  | 4,441.7 | ​ |  | 586.7 | ​ |  | 36.8 | ​
Policy charges | ​ |  | (36.7) | ​ |  | — | ​ |  | — | ​ |  | (31.6) | ​ |  | — | ​ |  | — | ​
Surrenders, withdrawals and benefit payments | ​ |  | (3,791.8) | ​ |  | (2,098.2) | ​ |  | (1,255.7) | ​ |  | (4,356.6) | ​ |  | (1,123.0) | ​ |  | (1,888.4) | ​
Net transfers from (to) separate account (2) | ​ |  | (220.5) | ​ |  | 1,635.3 | ​ |  | — | ​ |  | 264.8 | ​ |  | 659.3 | ​ |  | — | ​
Interest credited | ​ |  | 395.9 | ​ |  | 8.0 | ​ |  | 136.5 | ​ |  | 280.2 | ​ |  | 9.8 | ​ |  | 161.6 | ​
Other | ​ |  | (30.7) | ​ |  | 0.2 | ​ |  | — | ​ |  | (31.7) | ​ |  | — | ​ |  | — | ​
Balance at end of period | ​ | $ | 13,982.8 | ​ | $ | 1,746.0 | ​ | $ | 4,462.3 | ​ | $ | 12,721.5 | ​ | $ | 514.2 | ​ | $ | 5,538.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average crediting rate (3) | ​ |  | 3.26 | % |  | 3.39 | % |  | 3.09 | % |  | 2.54 | % |  | 3.22 | % |  | 2.84 | %
Cash surrender value (4) | ​ | $ | 12,524.6 | ​ | $ | 1,778.7 | ​ | $ | 4,208.5 | ​ | $ | 11,211.9 | ​ | $ | 512.6 | ​ | $ | 5,434.4 | ​
(1) | We use the deposit method of accounting for the reinsurance of this exited business.
(2) | Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.
(3) | The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value.
(4) | Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. The cash surrender value for RILA products also includes an equity and bond adjustment that may result in cash surrender value being greater than account balance.
The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 11, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances. ​ Benefits and Protection The changes in policyholder account balances for Life Insurance – Universal life were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended | ​ | For the year ended |
​ | ​ | December 31, 2024 | ​ | December 31, 2023 |
​ | ​ | ($ in millions) |
Balance at beginning of period |  | $ | 6,910.4 |  | $ | 6,947.9 | ​
Premiums and deposits | ​ |  | 1,283.7 | ​ |  | 1,260.5 | ​
Policy charges | ​ |  | (877.1) | ​ |  | (858.1) | ​
Surrenders, withdrawals and benefit payments | ​ |  | (591.7) | ​ |  | (483.6) | ​
Net transfers from (to) separate account (1) | ​ |  | (76.4) | ​ |  | (197.7) | ​
Interest credited | ​ |  | 282.6 | ​ |  | 242.1 | ​
Other | ​ | ​ | (1.1) | ​ | ​ | (0.7) | ​
Balance at end of period | ​ |  | 6,930.4 | ​ |  | 6,910.4 | ​
Reinsurance impact | ​ |  | (3,232.8) | ​ |  | (3,396.8) | ​
Balance at end of period after reinsurance | ​ | $ | 3,697.6 | ​ | $ | 3,513.6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average crediting rate (2) | ​ |  | 4.13 | % |  | 4.01 | %
Net amount at risk (3) | ​ | $ | 86,141.3 | ​ | $ | 86,671.0 | ​
Cash surrender value (4) | ​ | $ | 6,052.5 | ​ | $ | 5,953.0 | ​
(1) | Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.
(2) | The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits.
(3) | For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.
(4) | Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.
​ Guaranteed Minimum Interest Rate The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Excess of crediting rates over GMIR
​ | ​ | ​ | ​ | ​ | Up to 0.50% | ​ | 0.51% to 1.00% | ​ | 1.01% to 2.00% | ​ | 2.01% or more | ​ | ​ | ​
​ | ​ | At GMIR | ​ | above GMIR | ​ | above GMIR | ​ | above GMIR | ​ | above GMIR | ​ | Total
​ |  | (in millions)
Retirement and Income Solutions |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Workplace savings and retirement solutions |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Up to 1.00% |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,041.7 |  | $ | 445.2 |  | $ | 1,486.9
1.01% - 2.00% |  | ​ | 3,727.0 |  | ​ | — |  | ​ | — |  | ​ | 1,056.3 |  | ​ | — |  | ​ | 4,783.3
2.01% - 3.00% |  | ​ | 4.6 |  | ​ | 186.9 |  | ​ | 1.8 |  | ​ | 2,900.0 |  | ​ | 2,740.1 |  | ​ | 5,833.4
3.01% - 4.00% |  | ​ | 7.6 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 7.6
4.01% and above |  | ​ | 13.9 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 13.9
Subtotal |  | ​ | 3,753.1 |  | ​ | 186.9 |  | ​ | 1.8 |  | ​ | 4,998.0 |  | ​ | 3,185.3 |  | ​ | 12,125.1
No GMIR |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | 1,857.7
Total |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 13,982.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual variable annuities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Up to 1.00% |  | $ | 19.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 19.2
1.01% - 2.00% |  | ​ | 3.8 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 3.8
2.01% - 3.00% |  | ​ | 231.5 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 231.5
3.01% - 4.00% |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
4.01% and above |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Subtotal |  | ​ | 254.5 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 254.5
No GMIR |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | 1,491.5
Total |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 1,746.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed deferred annuities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Up to 1.00% |  | $ | 213.1 |  | $ | 27.5 |  | $ | 56.0 |  | $ | 196.9 |  | $ | 1,093.2 |  | $ | 1,586.7
1.01% - 2.00% |  | ​ | 78.8 |  | ​ | 0.3 |  | ​ | 4.8 |  | ​ | 48.2 |  | ​ | 7.4 |  | ​ | 139.5
2.01% - 3.00% |  | ​ | 2,416.4 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 2,416.4
3.01% - 4.00% |  | ​ | 142.0 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 142.0
4.01% and above |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Subtotal |  | ​ | 2,850.3 |  | ​ | 27.8 |  | ​ | 60.8 |  | ​ | 245.1 |  | ​ | 1,100.6 |  | ​ | 4,284.6
No GMIR |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | 177.7
Total |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 4,462.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefits and Protection – Life Insurance |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Universal life |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Up to 1.00% |  | $ | — |  | $ | — |  | $ | 1.5 |  | $ | 14.9 |  | $ | 4.9 |  | $ | 21.3
1.01% - 2.00% |  | ​ | 268.6 |  | ​ | — |  | ​ | 424.0 |  | ​ | 518.6 |  | ​ | 452.3 |  | ​ | 1,663.5
2.01% - 3.00% |  | ​ | 646.0 |  | ​ | 632.2 |  | ​ | 771.9 |  | ​ | 368.7 |  | ​ | 6.3 |  | ​ | 2,425.1
3.01% - 4.00% |  | ​ | 1,559.7 |  | ​ | 56.7 |  | ​ | 34.5 |  | ​ | 105.4 |  | ​ | 7.0 |  | ​ | 1,763.3
4.01% and above |  | ​ | 23.5 |  | ​ | 2.5 |  | ​ | 7.0 |  | ​ | 18.9 |  | ​ | — |  | ​ | 51.9
Subtotal |  | ​ | 2,497.8 |  | ​ | 691.4 |  | ​ | 1,238.9 |  | ​ | 1,026.5 |  | ​ | 470.5 |  | ​ | 5,925.1
No GMIR |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | 1,005.3
Total |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | $ | 6,930.4
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Excess of crediting rates over GMIR
​ | ​ | ​ | ​ | ​ | Up to 0.50% | ​ | 0.51% to 1.00% | ​ | 1.01% to 2.00% | ​ | 2.01% or more | ​ | ​ | ​
​ | ​ | At GMIR | ​ | above GMIR | ​ | above GMIR | ​ | above GMIR | ​ | above GMIR | ​ | Total
​ |  | (in millions)
Retirement and Income Solutions |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Workplace savings and retirement solutions |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Up to 1.00% | ​ | $ | — | ​ | $ | 3.3 | ​ | $ | 101.8 | ​ | $ | 1,006.0 | ​ | $ | 312.8 | ​ | $ | 1,423.9
1.01% - 2.00% | ​ |  | 5,135.0 | ​ |  | 3.8 | ​ |  | 1,153.1 | ​ |  | — | ​ |  | 874.6 | ​ |  | 7,166.5
2.01% - 3.00% | ​ |  | 357.1 | ​ |  | 0.1 | ​ |  | 0.8 | ​ |  | 59.1 | ​ |  | 1,701.2 | ​ |  | 2,118.3
3.01% - 4.00% | ​ |  | 7.4 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 7.4
4.01% and above | ​ |  | 16.9 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 16.9
Subtotal | ​ |  | 5,516.4 | ​ |  | 7.2 | ​ |  | 1,255.7 | ​ |  | 1,065.1 | ​ |  | 2,888.6 | ​ |  | 10,733.0
No GMIR | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 1,988.5
Total | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 12,721.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual variable annuities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Up to 1.00% | ​ | $ | 22.6 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 22.6
1.01% - 2.00% | ​ |  | 4.6 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4.6
2.01% - 3.00% | ​ |  | 273.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 273.5
3.01% - 4.00% | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.01% and above | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ |  | 300.7 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 300.7
No GMIR | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 213.5
Total | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 514.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed deferred annuities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Up to 1.00% | ​ | $ | 305.5 | ​ | $ | 115.4 | ​ | $ | 121.8 | ​ | $ | 449.4 | ​ | $ | 999.5 | ​ | $ | 1,991.6
1.01% - 2.00% | ​ |  | 100.8 | ​ |  | 0.9 | ​ |  | 26.3 | ​ |  | 123.5 | ​ |  | 2.4 | ​ |  | 253.9
2.01% - 3.00% | ​ |  | 2,897.7 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,897.7
3.01% - 4.00% | ​ |  | 156.9 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 156.9
4.01% and above | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ |  | 3,460.9 | ​ |  | 116.3 | ​ |  | 148.1 | ​ |  | 572.9 | ​ |  | 1,001.9 | ​ |  | 5,300.1
No GMIR | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 238.2
Total | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 5,538.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefits and Protection – Life Insurance | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Universal life | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Up to 1.00% | ​ | $ | — | ​ | $ | — | ​ | $ | 16.1 | ​ | $ | 1.0 | ​ | $ | 2.4 | ​ | $ | 19.5
1.01% - 2.00% | ​ |  | 294.1 | ​ |  | — | ​ |  | 418.1 | ​ |  | 485.6 | ​ |  | 415.4 | ​ |  | 1,613.2
2.01% - 3.00% | ​ |  | 729.7 | ​ |  | 677.2 | ​ |  | 836.3 | ​ |  | 350.6 | ​ |  | 3.0 | ​ |  | 2,596.8
3.01% - 4.00% | ​ |  | 1,657.0 | ​ |  | 49.8 | ​ |  | 37.6 | ​ |  | 36.4 | ​ |  | 3.2 | ​ |  | 1,784.0
4.01% and above | ​ |  | 40.5 | ​ |  | 3.9 | ​ |  | 8.3 | ​ |  | 1.5 | ​ |  | — | ​ |  | 54.2
Subtotal | ​ |  | 2,721.3 | ​ |  | 730.9 | ​ |  | 1,316.4 | ​ |  | 875.1 | ​ |  | 424.0 | ​ |  | 6,067.7
No GMIR | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 842.7
Total | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 6,910.4
​

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